I plan to use this API but I was wondering how about the performance/latency for a fast action game? Is it performing enough? How does it compare to the other APIs?
TIP: just decode all your sounds and music ahead of time. Then there is simply no performance issue to think about.
Cas 
For a simple soundtrack play the OGG decoders in Java are almost the same as the native ones.
I guess that in JSE 5.0 it should be even better, since the VM is a bit more performing (at least on my configuration, it had an overall 18% speedup).
I second Princec for simple sound effect play: just load the sample, decode it and keep the decoded form in memory: you’ll have less performance hit and a more responsive playback experience on less performing machines.
You can also unpack soundtracks, if they aren’t too big to fit in memory. The last project in which I use sound had ogg soundtracks that, decompressed were almost all around 15-20 MB, so it wasn’t an option.